MANILA – The Bangko Sentral ng Pilipinas is working to ensure that digital banking is "safe and sure" as it encourages more Filipinos to transact using online channels, Governor Benjamin Diokno said.
Existing regulations were being reviewed to adapt to changing conditions in the digital space, Diokno said in an exclusive interview with ANC.
As of 2018, e-payments accounted for 20 percent of total transaction value with the goal to bring it to 50 percent by the end of his term in 2023, Diokno said.
"We have adopted rules so that we want to make sure that the digital payment is safe and sure. We want to make sure that it’s safe and so far it’s safe. Now that it’s embraced and it works, it’s a matter of applying it to other banks,” Diokno said.
Diokno said he now uses his phone to pay bills instead of sending someone to run those errands.
The BSP under Diokno, recently launched a standardized QR code system and eGov Pay or the electronic payment facility for government transactions.
The recently enacted national ID system is a "big step" to financial inclusion, he said.
The BSP is also pushing for the use of PesoNet and InstaPay under the National Retail Payment System (NRPS) as an alternative to using cash.